- Market abuse — Market Abuse Directive (MAD)
This chapter discusses market abuse regulation in the UK, covering the duties of market participants, the origins of the standard of fairness, and the EU Market Abuse Directive. Market abuse regulation has two sides: negative and positive. On the negative side, one has a duty to avoid conduct that constitutes market abuse, but on the positive side one has a duty to conduct one's affairs so that they contribute to the fair and efficient operation of the market. The licence that a market participant has to take part in the international financial markets makes that duty superior to duties he may owe to his owners, financers, affiliates, or market counterparties. Under the current market abuse regulations implemented in the UK, the EU and other major jurisdictions, that duty is inescapable.
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